Assume that Quinn Jewelry Co. uses the LIFO inventory costing method for both tax and financial reporting purposes. The balance sheet reports inventories of $102 million. Then, in its footnotes, the company reports that inventories would have been $133 million had the company used the FIFO method. The difference between these two numbers ($31 million)n is referred to as:
a. LIFO reserve
b. LIFO conformity rule
c. LIFO holding gain
d. Inventory temporary difference
e. none of the above
Use for the next two questions.
Idaho Great Outdoors had the following inventory in fiscal 2009.
Beginning Inventory, August 1, 2008: 70 units @ $19.50
Purchased 150 units @ $19.00
Purchased 25 units @ $20.00
Purchased 60 units @$20.30
Ending inventory, July 31, 2009: 65 units
what is the company's cost of goods sold for fiscal year 2009 using the FIFO inventory method ?